Penang Property Market Is Lucrative

DESPITE the tough economic climate, investing in the property market in Penang is still a solid option.

Property prices in the state would always go up because land was limited here, state Tourism Development, Culture, Arts and Heritage Committee chairman Danny Law said.

“A crisis can turn out to be an opportunity. This is the time for investors to start develop-ping (more projects) because building materials and labour are easy to come by due to the lack of competition (in the industry).

“Meanwhile, house buyers will have lots of choices. They should put their savings to good use by investing in properties as this is sure to bring good returns,” he said after launching Plenitude Heights Sdn Bhd’s Bayu Ferringhi development project in Penang yesterday.

He added that the property prices in the state were still relatively low compared with those in other countries in the region.

“Foreigners consider it cheap to invest in Penang’s properties because prices in countries like Singapore, Hong Kong, Shanghai, Xiamen and Shen Chen are much higher.

“That’s why you see a lot of Japanese, Europeans and Australians participating in the Malaysia My Second Home Programme (MM2H).

“Many foreigners choose to retire here because the cost of living here is low, the local food is delicious, the cultural heritage is rich, the scenery is beautiful and medical facilities are very advanced,” he said.

Law also noted that MM2H residents enjoyed many benefits including a 10-year renewable social visit pass with multiple visa entry; a choice of either bringing their car over or purchasing a tax-free Malaysian-made car; and the option to take on contract jobs and dabble in business and investment ventures.

Source : The Star, 31 January 2009